Simon Potter, head of the Markets Group at the Federal Reserve Bank of New York and outgoing chair of the Global FX Committee, is to leave the NY Fed at the end of this week, it has been announced. As well as Potter, Richard Dzina, head of the NY Fed’s Financial Services Group is also […]
Tag: Federal Reserve Bank of New York
Federal Reserve Bank of New York
Guy Debelle, deputy governor of the Reserve Bank of Australia (RBA), has been named as the next chair of the Global Foreign Exchange Committee (GFXC). His two-year term will begin in early July, 2019, after he was nominated and elected to the position at the latest two-day GFXC meeting hosted by the Bank of Japan […]
The Federal Reserve Bank of New York’s Liberty Street Economics Unit has published the results of a survey conducted in the May 2018 Survey of Consumer Expectations that sought to understand what motivates people to participate in cryptocurrency markets.
The survey covers a sample of 1,146 people from ages 18 to 96, with broad representation by race and gender and finds 85 percent of respondents had heard of cryptocurrencies – something it says may be a testament to Bitcoin’s name recognition. Around five percent of respondents reported that they currently or previously owned cryptocurrency and an additional 15 percent reported that they were considering buying cryptocurrency.
Two major central banks have signalled their increased engagement with the fintech industry with the Bank of England publishing a detailed report in its latest Quarterly Bulletin into the potential for fintech and the Federal Reserve Bank of New York establishing a Fintech Advisory Group.
In its report, the Bank of England stresses that the implications of fintech as part of the wider shift to a digital economy are only beginning to be realised, but says the potential is “substantial”.
John Williams has been named president and chief executive officer of the Federal Reserve Bank of New York, following his appointment being approved by the Board of Governors of the Federal Reserve System.
Williams will begin on June 18, 2018, the day after current president William Dudley’s last day.
Williams is currently the president and chief executive officer of the Federal Reserve Bank of San Francisco, a role he has had since March 1, 2011, when he succeeded former Federal Reserve Chair Janet Yellen.
CME Group has announced it will launch monthly and quarterly Secured Overnight Financing Rate (SOFR) futures on May 7, pending regulatory review.
The announcement comes one day after the Federal Reserve Bank of New York said it would start publishing Treasury repo reference rates from April 3. The futures will be based on the Alternative Reference Rates Committee-endorsed SOFR index, and although correlated with Libor and effective federal funds rates, SOFR, a broad Treasury repo index, is distinct from these rates, CME says.